Summary
- • The U.S. thrift store industry is valued at approximately $17 billion.
- • The thrift store industry in the United States employs over 104,000 people.
- • The average consumer spends $52 per month at thrift stores.
- • Thrift stores in the U.S. receive about 14.3 million donations each year.
- • The resale market, including thrift stores, is growing 24 times faster than traditional retail.
- • Approximately 12-15% of clothing sold in the U.S. is from thrift stores.
- • 74% of Americans shopped at a thrift store in 2019.
- • The global online thrift store market is projected to reach $64.6 billion by 2024.
- • Millennials are the biggest demographic group shopping at thrift stores.
- • Secondhand or thrift will make up 30% of closets by 2033.
- • The average resale shopper browses secondhand websites for three hours a week.
- • 68% of thrift store shoppers visit thrift stores at least once a month.
- • Thrift stores help keep 2 billion pounds of clothing and textiles out of landfills each year.
- • Women make up the majority of thrift store shoppers.
- • 56% of consumers say they shop at thrift stores to find unique items.
From hidden gems to sustainable fashion trends, the thrift store industry is booming with a value of $17 billion in the U.S. alone, employing over 104,000 individuals while the average consumer happily splurges $52 a month on thrifty finds. With a whopping 14.3 million donations annually and a resale market growing 24 times faster than traditional retail, its no wonder that 74% of Americans shopped at a thrift store in 2019. Millennials are leading the pack in secondhand chic, propelling the global online thrift store market towards a projected $64.6 billion by 2024. So, dust off your treasure-hunting skills and get ready to dive into a world where eco-consciousness meets budget-friendly style as secondhand fashion gears up to claim 30% of closets by 2033. Remember, one persons pre-loved is another persons must-have!
Consumer Spending at Thrift Stores
- The average consumer spends $52 per month at thrift stores.
- Approximately 12-15% of clothing sold in the U.S. is from thrift stores.
- The COVID-19 pandemic has led to a surge in online thrift store sales.
- Thrift stores have seen a 15% increase in sales of home goods and furniture.
- 50% of consumers plan to spend more on secondhand goods in the next year.
- Thrift stores have experienced a 46% sales increase in household goods since 2019.
- Thrift stores saw a 30% increase in sales during the holiday season last year.
- The average price for an item in a thrift store is $4.
- Thrift stores experience a 10% increase in sales during back-to-school shopping season.
Interpretation
The Thrift Store Industry is proving to be the retail realm's best-kept secret, with consumers thriftily embracing pre-loved treasures while simultaneously giving a stylish middle finger to fast fashion. As the pandemic dust settled, the surge in online thrift store sales has left traditional retailers shaking in their high-priced boots. With a 15% spike in home goods and furniture sales, it seems eco-conscious living is not just a trend, but a lifestyle choice for savvy shoppers. It appears that the secondhand economy is not just a fleeting affair, as data shows a whopping 50% of consumers ready to splurge on thrift in the coming year. Who knew that for the cost of a trendy latte, you could snag a unique wardrobe piece and contribute to sustainable consumerism? Watch out, luxury labels, thrift is the new black.
Customer Behavior and Loyalty in Thrift Stores
- 74% of Americans shopped at a thrift store in 2019.
- Millennials are the biggest demographic group shopping at thrift stores.
- The average resale shopper browses secondhand websites for three hours a week.
- 68% of thrift store shoppers visit thrift stores at least once a month.
- Women make up the majority of thrift store shoppers.
- 56% of consumers say they shop at thrift stores to find unique items.
- 31% of consumers would shop more at thrift stores if they were more convenient.
- 45% of thrift store purchases are impulse buys.
- 79% of thrift store consumers believe thrift stores offer good value for money.
- 89% of Gen Z consumers believe that secondhand clothing "feels more unique."
- 43% of thrift store shoppers are motivated by sustainability and environmental concerns.
- 65% of consumers prefer thrift stores over traditional retail for customizing their clothing.
- 37% of thrift store shoppers believe secondhand shopping is more sustainable than recycling.
- 63% of consumers say they shop at thrift stores to save money.
- 92% of thrift store shoppers say they feel good about supporting charitable causes.
- 77% of thrift store shoppers enjoy the hunt for unique or valuable items.
- 52% of consumers are more willing to buy secondhand items now than they were five years ago.
- The largest age group of thrift store shoppers is 26-35 years old.
- 85% of thrift store consumers say they have found items they love at thrift stores.
- 48% of thrift store shoppers are motivated by the opportunity to support charitable causes.
- The majority of thrift store shoppers (56%) have shopped at a thrift store in the past year.
- 76% of thrift store consumers believe that secondhand shopping is more sustainable than traditional retail.
- 61% of consumers have purchased pre-owned items from thrift stores.
- 42% of Gen Z consumers and 50% of Millennial consumers have shopped at a thrift store in the past year.
- The average thrift store customer revisits the store about nine times per year.
Interpretation
In a world where fashion trends can change faster than you can say 'upcycle,' thrift stores have emerged as the unsung heroes of sustainability, style, and savings. With 74% of Americans embracing the thrill of the thrift in 2019, it's clear that one person's pre-loved gem is another's must-have statement piece. Millennials are leading the charge, spending hours scouring secondhand websites for hidden treasures and unique finds. From impulse buys to intentional choices driven by a desire for sustainability, thrift store shopping is no longer just a trend - it's a movement. With the majority of shoppers believing in the value and values of thrift stores, it's clear that the future of fashion may just be found in the past. Who says you can't save the planet and look fabulous while doing it?
Donations Received by US Thrift Stores
- Thrift stores in the U.S. receive about 14.3 million donations each year.
- Thrift stores donate 338 million pounds of clothing annually to charities.
- 80% of thrift store donations come from individuals.
- 78% of thrift store donations are in good to excellent condition.
- Thrift store donations contribute to 17% of clothing and textiles diverted from landfills.
- Thrift stores in the U.S. receive an estimated 2.5 billion pounds of donated goods annually.
- Thrift store donations provide clothing and goods to over 28 million people globally each year.
Interpretation
In a world where fast fashion reigns supreme and landfills overflow with discarded clothing, thrift stores stand as the unsung heroes of sustainability. With an impressive 14.3 million donations pouring in annually, it's clear that individuals across the U.S. are embracing the mantra of "reduce, reuse, recycle." And it's not just quantity but quality that sets thrift store donations apart, with a whopping 78% in good to excellent condition. These pre-loved treasures not only find new homes but also contribute significantly to diverting 17% of clothing and textiles from ending up in landfills. In a throwaway culture, thrift stores prove that charity truly begins with a second-hand sweater.
Industry Growth and Impact of Donations
- The thrift store industry in the United States employs over 104,000 people.
- The resale market, including thrift stores, is growing 24 times faster than traditional retail.
- The global online thrift store market is projected to reach $64.6 billion by 2024.
- Secondhand or thrift will make up 30% of closets by 2033.
- Thrift stores help keep 2 billion pounds of clothing and textiles out of landfills each year.
- The secondhand apparel market is expected to double in five years.
- Thrift stores saw a 33% increase in revenue between 2007 and 2018.
- Online thrift stores have seen a 7% increase in sales year over year.
- The resale market is expected to surpass fast fashion by 2029.
- Thrift store sales have increased by 41% over the past two years.
- Thrift shopping reduces carbon emissions by 11 billion kilograms annually.
- The average profit margin for thrift stores is around 90%.
- The secondhand economy is set to double in five years, reaching $77 billion by 2025.
- The global secondhand market is projected to grow to $51 billion by 2023.
- Thrift store revenue is expected to grow by 12.2% annually over the next five years.
- Online thrift stores saw a 27% increase in sales during the pandemic.
- Thrift stores typically mark up prices by 100-300% from what they paid for the items.
- Thrift stores have experienced a 75% increase in online sales over the past year.
- Thrift store revenue in the United States is projected to increase by 3.6% annually through 2025.
- Online thrift stores have seen a 28% increase in customer traffic in the past year.
- The resale market is expected to grow to $36 billion by 2024.
- Alternative clothing like vintage, resale, and thrift is expected to reach $51 billion by 2023.
- The thrift store industry in India is estimated to be worth $1.1 billion.
- The resale market is growing 21 times faster than traditional retail apparel.
- The average thrift store processes around 10,000 items per week.
- Thrift stores prevent over 2 million tons of clothing from entering landfills each year.
- Jewelry is the fastest-growing category in thrift stores, with a 35% increase in sales.
- Non-profit thrift stores make up about 80% of the total thrift store market.
- The global thrift store market is expected to grow at a CAGR of 12.2% from 2021 to 2028.
- The apparel resale market is projected to exceed fast fashion by 2029, reaching $64 billion.
- Thrift store sales have increased by 33% in the past five years.
- The resale industry is projected to double to $77 billion by 2025.
- Thrift store revenue grew by 7% in 2020 despite challenges brought on by the pandemic.
- The resale market is expected to grow by 22% annually over the next five years.
- Secondhand fashion is projected to grow to 77 billion units by 2029.
- The thrift store industry has a cumulative annual growth rate of 11%.
Interpretation
The thriving thrift store industry is proving that fashion doesn't have to break the bank or the planet. With over 104,000 people employed and a global online market projected to soar to $64.6 billion by 2024, thrift shopping is not only sustainable but also stylish. As secondhand gems continue to make their way into 30% of closets by 2033, it's clear that the future of fashion is pre-loved. From keeping 2 billion pounds of textiles out of landfills to reducing carbon emissions by a whopping 11 billion kilograms annually, thrift stores are the unsung heroes of sustainability. So, next time you snag a bargain at your local thrift shop, remember you're not just saving money – you're saving the planet too.
Market Value of US Thrift Store Industry
- The U.S. thrift store industry is valued at approximately $17 billion.
- Non-profit thrift stores generate over $3.5 billion in revenue annually.
- Thrift store sales are expected to reach $99 billion globally by 2024.
Interpretation
The thrift store industry continues to thrive, proving that the love for a good deal is universal. With a current valuation of $17 billion in the U.S. and non-profit stores raking in over $3.5 billion each year, it's clear that shopping smart is not just a trend, but a strategic lifestyle choice. As the global thrift store sales are projected to skyrocket to $99 billion by 2024, it seems the only thing being recycled more than second-hand treasures is the satisfaction of snagging a bargain. It's a win-win situation for both the savvy shopper and the planet - reducing waste and increasing wallets all at the same time.